LAZR Iron Condor Strategy
LAZR (Tema Photonics & Optical ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
Tema Photonics & Optical ETF (the Fund) seeks to provide long-term growth.
LAZR (Tema Photonics & Optical ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $952,400, a beta of 0.00 versus the broader market, a 52-week range of 32.55-50.79, average daily share volume of 145K, a public-listing history dating back to 2026. These structural characteristics shape how LAZR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates LAZR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a iron condor on LAZR?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
LAZR snapshot
As of August 14, 2026, spot at $47.25, ATM IV 73.70%, IV rank 16.91%, expected move 21.13%. The iron condor on LAZR below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this iron condor structure on LAZR specifically: LAZR IV at 73.70% is on the cheap side of its 1-year range, which means a premium-selling LAZR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 21.13% (roughly $9.98 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated LAZR expiries trade a higher absolute premium for lower per-day decay. Position sizing on LAZR should anchor to the underlying notional of $47.25 per share and to the trader's directional view on LAZR stock.
LAZR iron condor setup
The LAZR iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With LAZR at $47.25 on that close, the first option leg uses a $50.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed LAZR chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 LAZR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $50.00 | $3.28 |
| Buy 1 | Call | $52.00 | $2.60 |
| Sell 1 | Put | $45.00 | $3.25 |
| Buy 1 | Put | $43.00 | $2.58 |
LAZR iron condor risk and reward
- Net Premium / Debit
- +$135.00
- Max Profit (per contract)
- $135.00
- Max Loss (per contract)
- -$65.00
- Breakeven(s)
- $43.65, $51.35
- Risk / Reward Ratio
- 2.077
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
LAZR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on LAZR. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$65.00 |
| $10.46 | -77.9% | -$65.00 |
| $20.90 | -55.8% | -$65.00 |
| $31.35 | -33.7% | -$65.00 |
| $41.79 | -11.5% | -$65.00 |
| $52.24 | +10.6% | -$65.00 |
| $62.69 | +32.7% | -$65.00 |
| $73.13 | +54.8% | -$65.00 |
| $83.58 | +76.9% | -$65.00 |
| $94.03 | +99.0% | -$65.00 |
When traders use iron condor on LAZR
Iron condors on LAZR are a delta-neutral premium-collection structure that profits if LAZR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
LAZR thesis for this iron condor
The market-implied 1-standard-deviation range for LAZR extends from approximately $37.27 on the downside to $57.23 on the upside. A LAZR iron condor is a delta-neutral premium-collection structure that pays off when LAZR stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current LAZR IV rank near 16.91% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on LAZR at 73.70%. As a Financial Services name, LAZR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to LAZR-specific events.
LAZR iron condor positions are structurally neutral / range-bound; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. LAZR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move LAZR alongside the broader basket even when LAZR-specific fundamentals are unchanged. Short-premium structures like a iron condor on LAZR carry tail risk when realized volatility exceeds the implied move; review historical LAZR earnings reactions and macro stress periods before sizing. Always rebuild the position from current LAZR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on LAZR?
- A iron condor on LAZR is the iron condor strategy applied to LAZR (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With LAZR stock at $47.25 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed LAZR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are LAZR iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the LAZR iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 73.70%), the computed maximum profit is $135.00 per contract and the computed maximum loss is -$65.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a LAZR iron condor?
- The breakeven for the LAZR iron condor priced on this page is roughly $43.65 and $51.35 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The LAZR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.13%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on LAZR?
- Iron condors on LAZR are a delta-neutral premium-collection structure that profits if LAZR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current LAZR implied volatility affect this iron condor?
- LAZR ATM IV is at 73.70% with IV rank near 16.91%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.